Russ Wals decides to open a deaning and laundry service near the local college campus that...
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Russ Wals decides to open a deaning and laundry service near the local college campus that will operate as a proprietorship. The transactions for the month of June are isted below 1. Russ Walls invests $20.000 in cash to start a cleaning and laundry business on June1. 2. Purchased laundry equipment for $5,000 paying S3.000 in cash and the remainder due in 30 days 3. Purchased laundry supplies for $1,200 cash. 4. Recelved a bill from Campus News for $300 for advertising in the campus newspaper. 5. Provided $1.500 of cleaning and laundry services to customers for cash 6. Paid salaries of $200 to student workers 7 Billed the Tiger Football Team $100 for cleaning and laundry services 8 Paid $300 to Campus News for advertising that was previously billed in Transaction 4 9. Russ Walls withdrew $700 from the business for Ihving expenses. 10. Incurred utility expenses for month on account. $400 Instructions Analyze the transactions above in terms of their effect on the basic accounting equation, Record each transaction by increasing () or decreasing (-)the dollar amount of each item affected. Total and balance the equation at the end of the month. Trara Acounts Landry Landry Acts Walle action Cash. • Supplies puip.- Payable Capinal - Detng eve - Expenses Rec 2. Totals Russ Wals decides to open a deaning and laundry service near the local college campus that will operate as a proprietorship. The transactions for the month of June are isted below 1. Russ Walls invests $20.000 in cash to start a cleaning and laundry business on June1. 2. Purchased laundry equipment for $5,000 paying S3.000 in cash and the remainder due in 30 days 3. Purchased laundry supplies for $1,200 cash. 4. Recelved a bill from Campus News for $300 for advertising in the campus newspaper. 5. Provided $1.500 of cleaning and laundry services to customers for cash 6. Paid salaries of $200 to student workers 7 Billed the Tiger Football Team $100 for cleaning and laundry services 8 Paid $300 to Campus News for advertising that was previously billed in Transaction 4 9. Russ Walls withdrew $700 from the business for Ihving expenses. 10. Incurred utility expenses for month on account. $400 Instructions Analyze the transactions above in terms of their effect on the basic accounting equation, Record each transaction by increasing () or decreasing (-)the dollar amount of each item affected. Total and balance the equation at the end of the month. Trara Acounts Landry Landry Acts Walle action Cash. • Supplies puip.- Payable Capinal - Detng eve - Expenses Rec 2. Totals
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Related Book For
Microeconomics Principles, Problems and Policies
ISBN: 978-1259450242
20th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
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